IoT Is Fast Becoming a Viable Commercial Tool

IoT Is Fast Becoming a Viable Commercial Tool

The number of overall IoT connections will more than quadruple between 2014 and 2020, according to a Verizon Enterprise Solutions report released Feb. 23.
Verizon predicts that best-in-class organizations that extensively use IoT technologies in their products and operations will be up to 10% more profitable within 10 years.

“IoT offers organizations the opportunity to transform how they operate, and gives both new entrants and established players the ability to innovate and disrupt,” notes the report, which defines IoT, tells what organizations are doing with it, and gives some recommendations on how to get the most out of this new trend. For instance:

>> Transportation companies are saving millions of dollars by reducing fuel consumption using data captured, transmitted and analyzed in near real-time.

>> Local governments are making budgets go further with LED smart street lighting that doesn’t need regular maintenance, but can automatically report when it needs to be repaired.

>> Utility companies are eliminating costly and inconvenient home visits to read meters by introducing smart meters that report more granular usage data without human intervention.

“The opportunity for IoT-enabled transformation has grown massively in the last couple of years, and continues to do so,” the report further states, citing also the declining cost of sensors, connectivity and data-processing power.

“In 2014,” Verizon observes, “we saw a 45% year-over-year revenue growth in our IoT business, with 4GLTE activations growing by 135%. Today, Verizon manages more than 15 million IoT-enabled connections for a wide range of industries.”

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